Claremore Daily Progress

April 9, 2013

Oklahoma fund shows jump in corporate income taxes

Staff Reports
Associated Press

OKLAHOMA CITY — Oklahoma’s secretary of finance and revenue says corporate income tax collections increased in March while total collections to the state’s general revenue fund declined due in part to lower natural gas revenues.

Secretary Preston Doerflinger said Tuesday that collections totaled about $414 million in March. That’s about $20 million below collections in March 2012 and $61 million lower than the official budget estimate.

Doerflinger says the revenue figures are somewhat skewed due to the unusual amount of income tax refunds in recent months. The Oklahoma Tax Commission says taxpayer refunds in March were $34.2 million higher than they were a year ago.